SEATTLE--(BUSINESS WIRE)--According to Coherent Market Insights, the global corporate wellness market was valued at US$ 53,645.7 million in 2018, and is projected to exhibit a CAGR of 7.2% over the forecast period (2019 – 2027).

Key Trends and Analysis of the Global Corporate Wellness Market:

Key trends in the market are rising prevalence of smoking and obesity, increasing risk of diabetes associated with deskbound lifestyle, increasing adoption of corporate wellness program by employers for employees’ retention, and to decrease employee turnover by performing employee engagement activities.

Market players are investing in employee welfare activities and wellness programs to increase employees’ retention rate. For instance, Intuit, a developer of financial software, offers ‘well-being for life program’ to the permanent employee. Under this program, employees are eligible to reimburse up to US$ 1,000 per year for the physical well-being expenses such as personal trainers, gym memberships, and weight-loss programs and financial well-being expenses such as financial advising and planning services.

Moreover, increasing obesity in people engaged in deskbound employment is the major factor increasing demand for corporate wellness program in the market. According the Organization for Economic Co-operation and Development (OECD) statistics 2017, around 38.2% adults suffered from obesity in the U.S. and around 32.4% in Mexico.

Furthermore, key players operating in the market are focused on adopting acquisition and collaboration strategies, in order to expand their product offerings in the market. For instance, in February 2018, Vitality Group, a health tech company, announced Gateway Program developed to integrate strategic partners across the health ecosystem to connect employees to meaningful resources that will improve their health due to this program many health companies such as Headspace, Happify Health, Vida Health, Zipongo, eHealthScreenings, and Wellness Corporate Solutions collaborated with Vitality Group.

However, less role of corporate wellness program for smoking cessation, which causes low adoption of these programs is the major factor hindering the market growth.

The global corporate wellness program market is expected to exhibit a CAGR of 7.2% during the forecast period (2019 – 2027), attributed to increasing prevalence smoking and obesity, increasing risk of diabetes associated with deskbound lifestyle, increasing adoption of corporate wellness program by employers for employees’ retention, and increasing employee engagement activities by corporate firms. According to the Robert Wood Johnson Foundation, September 2018, an estimated 34.4% of adults in Kentucky, U.S. were physically inactive in 2017.

Key players in the market are focused on adopting merger and agreement strategies to enhance their product portfolio, which in turn is expected to propel the market growth over the forecast period. For instance, in November 2018, WellteQ, a digital wellness solution provider for employee wellness and HR data analytics, entered into a two-year agreement with BupaWellness Pty Ltd. Under the agreement, Bupa gained access to WellteQ’s analytic and software technology to offer a better service to customers.